Brooks offers a retirement plan to all full-time, part-time and PRN on call employees.
The Transamerica 401(k) is offered to Skilled Nursing, Aging Services & Homecare employees, and the 403(b) is offered to Outpatient, Inpatient, Halifax & Corporate employees.
403(B) / 401(K) Matching Employer Contribution
After your one-year anniversary, if you have worked over 1,000 hours in the preceding 12 months, Brooks makes a Matching Contribution when you contribute to your retirement.
Brooks will match 100% of the first 3% of your pay that you contribute each year.
403(B) Only Brooks Employer Contribution
In addition to the Brooks Matching Contribution, Brooks will contribute 3% of pay
to your account after your one-year anniversary and 1,000 hours worked. 403(b)
employees are eligible for this employer contribution.
What Does It Mean to be Vested in Your 401(k)?
Putting it simply, vested is a term used to determine how much of your 401(k) funds you can take with you when you leave Brooks.
Vesting in the contributions Brooks makes to your retirement accounts is based on years of service. You receive 20% of employer funds for each year of employment after your first year, if you work a minimum of 1,000 hours that employment year. You will be 100% vested after approximately 6 years.
You are always 100% vested in the funds you contribute to your 401(k).
Retirement Plan Essentials
You can take out a loan to finance big-ticket items like a house or a college tuition. But there's no such thing as a loan to get you through retirement. The steps you take now can help you retire on your terms. So ask yourself — are you doing what you can today to get the retirement you want tomorrow?
Learn about the features and benefits of your workplace retirement plan, so you can feel more confident about the steps you are taking toward a secure financial future.